Universal Music Group announced today (Nov. 10) a new joint venture with industry veteran Todd Moscowitz called Cold Heat Records, which will be based in New York. Moscowitz will be leaving 300 Entertainment, the company he co-founded alongside Lyor Cohen, Kevin Liles and Roger Gold in 2013.

“At Universal Music, entrepreneurship is in our DNA, so we constantly seek to attract the brightest executives in the business embodying that spirit,” said UMG chairman and CEO Sir Lucian Grainge in a statement provided to Billboard. “With his impressive track record of identifying and breaking some of the most successful artists in hip-hop, Todd is an excellent addition to our team of creative executives who are committed to bringing the best new talent to fans around the world.”

Moscowitz has a long track record within the hip-hop community, starting first as a manager with Rush Management — later rising to head of Rush Communications along with senior positions at then-nascent Def Jam — and Violator Management, and later at Warner Music Group. In nearly a decade at WMG, the executive held the titles of president of Asylum Records, president/CEO of the Independent Label Group (comprised of Asylum, East West Records and Cordless Recordings) and, eventually CEO of Warner Bros. Records, along the way working with artists such as Meek Mill, Jill Scott, Macklemore and Action Bronson, and bringing Drake’s OVO Sound and Rick Ross’ Maybach Music Group into the WMG fold.

At 300, Moscowitz helped sign and develop Migos, among others; he currently manages Gucci Mane.

“Lucian, Boyd Muir and the management team at UMG have created an environment that encourages risk-taking and pushing creative boundaries, while giving entrepreneurs the resources and freedom to grow — and the results speak for themselves,” Moscowitz said in a statement. “I’m thrilled to be a part of the most forward-thinking team in the industry, and I’m looking forward to building Cold Heat Records into a preeminent destination for artists of all genres.”

At press time, there was no information about any artists that may sign with Cold Heat Records, nor whether Moscowitz would be bringing any artists with him from the 300 roster. But he is now the second co-founder of 300 to depart the company in the past six weeks, after Cohen announced Sept. 28 that he would be transitioning out of the company in order to take on the position of Global Head of Music at YouTube, though he remained its largest individual investor.